How Did the S&P 500, NASDAQ, and Dow Perform on February 13?
After declining to two-month low price levels last week, the S&P 500 (SPX-INDEX) regained stability this week. The S&P 500 started this week on a stronger note and carried the strength to Tuesday. On February 13, the S&P 500 opened the day lower but regained strength and rose as the day progressed. Nine out of 11 major S&P 500 sectors moved higher on Tuesday. The market was supported by strength in the real estate and consumer discretionary sectors. On the other hand, weakness in the materials and energy sector limited the market gains.
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The market sentiment was weak last week. Inflation concerns peaked and rising Treasury yields weighed on the market. However, the sentiment improved this week and the market started to rebound from last week’s lows. The market is looking forward to the release of the US core CPI (consumer price index) and retail sales data. The data are scheduled to release at 8:30 AM EST on Wednesday. Since the expectation of a faster inflation pace was the main reason for the equity sell-off last week, the CPI data on Wednesday gained additional importance.
The CBOE Volatility Index (or VIX) measures uncertainty in the market. It fell 2.5% to 24.97 on February 13. The index is measured on a scale of one to 100 with 20 as the historical average. The VIX is also called the “fear index.” Usually, the index has an inverse relationship with stocks and rises when the S&P 500 falls.
NASDAQ and Dow
The NASDAQ Composite Index (COMP-INDEX) opened the day lower but regained strength and closed above 7,000 on Tuesday. The NASDAQ Composite Index traded above 7,000 for the first time on January 2. On Tuesday, the NASDAQ Composite Index gained 0.45% and closed the day at 7,013.51. After rebounding on Monday and gaining 410 points, the Dow Jones Industrial Average (DJIA-INDEX) consolidated for most of the day on Tuesday. The Dow Jones Industrial Average gained 0.16% on February 13 and closed the day at 24,640.45.
In the next part, we’ll discuss how the S&P 500’s top gainers performed on February 13.